RxPreferred Launches AI-Powered Savings Program for Members

Stock.adobe.com

Machine-learning and AI-based algorithms are useful at finding patterns that people may not be able to find on their own. This has made the software popular in the pharmaceutical industry in a variety of sectors, including companies looking for ways to deliver medication to customers at a reduced cost.

RxPreferred is a pharmacy benefits manager and rebates administrator that has used digital tools to find new solutions for reducing drug costs. The company announced that starting in January 2025, its members will have access to an AI-powered savings program called Rx-Performance.¹

In a press release, RxPreferred CEO Jeff Malone said, “At RxPreferred, we are dedicated to transforming healthcare through transparency and innovation. This program is another step to us providing our plans and members with quality healthcare at the best possible cost."

He also added, “Our mission is to lower drugs prices and simplify pharmacy benefits. We are thrilled to deliver drug savings to members and create incremental value for our employer group clients.”

RxPreferred has partnered with multiple companies to provide its member with a wider network to find low cost medications. In early September of this year, the company announced that it had expanded its partnership with Xevant, a pharmacy benefits optimization company.²

In a press release issued at the time, Malone said, “This expanded partnership is a testament to the strength of our collaboration with Xevant. By integrating our platforms, we provide employers and independent pharmacies the tools they need to navigate the complex prescription benefit environment and reduce patient costs. We are committed to delivering innovative and transparent solutions that benefit the entire healthcare ecosystem."

In the same press release, Xevant founder and CEO Brandon Newman added, “Our partnership with RxPreferred marks a significant step forward in revolutionizing pharmacy benefits management. Together, we are addressing one of the most pressing issues in American healthcare today—transparency and cost. We are excited to continue collaborating with RxPreferred to deliver the best solutions for payers, pharmacies, and patients alike."

Greg Abram, chief growth officer of Xevant, also said, "This partnership represents the future of pharmacy benefits management. Integrating our technologies will optimize cost savings and empower stakeholders to make informed decisions, ultimately improving patient outcomes."

In July of 2023, RxPreferred announced that it had partnered with Mark Cuban’s Cost Plus Drug Company to provide its members access to a Humira biosimilar that cost less than 10% of Humira’s list price.³

In a press release issued at the time, Malone said, “For the last 12 years, RxPreferred has been a catalyst for healthcare transparency, and with strong partnerships, we are constantly evolving to maximize value and lower costs for our plans and members. This development with Cost Plus Drugs is about more than one medication, this represents a shift in healthcare, prioritizing patients and bringing to light many of the misaligned incentives that have negatively impacted our healthcare system for years."

In the same press release, Cost Plus CEO Alex Oshmyansky added, “Our relationship with RxPreferred has already begun to make an impact, helping individuals and families with medication affordability. This is an evolutionary process, and today's announcement is the type of progress we had hoped for and the reason we started this company."

Source

1. RxPreferred Revolutionizes Healthcare Affordability with Launch of AI-Based Savings Program, Rx-Performance. RxPreferred. September 25, 2024. https://www.prnewswire.com/news-releases/rxpreferred-revolutionizes-healthcare-affordability-with-launch-of-ai-based-savings-program-rx-performance-302258027.html
2. Xevant and RxPreferred Expand Partnership, Including Strategic Co-Investments to Deliver Innovative, Transparent, and Technology-Driven Pharmacy Benefits Solutions. RxPreferred. September 4, 2024. Accessed September 25, 2024. https://www.prnewswire.com/news-releases/xevant-and-rxpreferred-expand-partnership-including-strategic-co-investments-to-deliver-innovative-transparent-and-technology-driven-pharmacy-benefits-solutions-302238261.html
3. RxPreferred Flips the Script on Rising Healthcare Costs with Mark Cuban Cost Plus Drug Company, Offering Humira Biosimilar, YUSIMRY, to Plans and Members. RxPreferred. July 6, 2023. Accessed September 25, 2024. https://www.prnewswire.com/news-releases/rxpreferred-flips-the-script-on-rising-healthcare-costs-with-mark-cuban-cost-plus-drug-company-offering-humira-biosimilar-yusimry-to-plans-and-members-301870562.html